Results Note � Tenaga (BUY, maintain)

Top Calls

Results Note � Tenaga (BUY, maintain) - Earnings rise on new peak demand TNB�s 9MFY16 results were broadly within our expectations. Electricity demand grew sharply on the El Nino dry and hot weather spell. Management reiterated that it expects to unveil its plan to optimise its capital structure and revise its dividend policy by yearend. We maintain our BUY call and RM16.50 TP on TNB.

Other Calls

Results Note � Public Bank (BUY, maintain) - Still top of the class

Results Note � Malaysia Airports (SELL, maintain) - Turkish drag

Results Note � Pavilion REIT (BUY, maintain) - Pavilion Mall retail sales see recovery

Economy � ASEAN Outlook � Weekly Wrap - Singapore�s industrial production fell unexpectedly in June

Morning News & Market Summary

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